Introduction to the Series 99 Exam
In the complex and highly regulated world of financial services, the “back office” is the engine that keeps the industry running. To ensure that the individuals managing these critical operations are qualified and knowledgeable, the Financial Industry Regulatory Authority (FINRA) established the Series 99, also known as the Operations Professional Exam. This certification is essential for professionals who oversee the processing, settlement, and recordkeeping of securities transactions.
The Series 99 exam is designed to safeguard the integrity of the financial markets by ensuring that operations personnel understand the regulatory framework and the risks associated with their roles. Unlike the Series 7, which focuses on sales and investment advice, the Series 99 focuses on the technical and administrative aspects of broker-dealer operations. Our team at Fraser Exam has compiled the most effective strategies to help you navigate this certification process and advance your career in financial operations.
Section 1: The Basics & Eligibility
What exactly is the Series 99 and who is it for?
The Series 99 is a professional qualification for individuals who perform “covered functions” within a broker-dealer. These functions include client onboarding, financial controller activities, trade settlement, and the handling of customer funds or securities. Essentially, if you are in a leadership or specialized role within a firm’s operations department, you are likely required to hold this registration.
What are the prerequisites or eligibility requirements?
To obtain the Operations Professional registration, candidates must pass two exams: the Securities Industry Essentials (SIE) exam and the Series 99 top-off exam. Unlike the SIE, which can be taken by anyone, the Series 99 requires that you be associated with and sponsored by a FINRA-member firm. This means you must be employed by a financial institution that will file a Form U4 on your behalf.
Is there an age limit or retake limit?
There is no specific upper age limit for the exam, though candidates must be of legal working age. Regarding retakes, FINRA maintains a strict “waiting period” policy. If you do not pass on your first or second attempt, you must wait 30 days before testing again. If you fail a third time, you must wait 180 days (six months) before you are eligible to sit for the exam again.
How much does the exam cost?
The exam fee for the Series 99 top-off is currently $60. However, candidates must also factor in the cost of the SIE exam ($150) and any registration or fingerprinting fees required by their sponsoring firm. It is common for employers to reimburse these costs upon successful completion.
Is the certification valid internationally?
The Series 99 is a U.S.-specific registration governed by FINRA. While the knowledge gained is highly relevant to global financial markets, it does not automatically grant you the right to operate in the same capacity in other jurisdictions like the UK or Singapore, which have their own regulatory bodies and exams. However, holding a FINRA registration is often viewed favorably by international employers as a mark of professional competence.
| Exam Detail | Information |
|---|---|
| Administering Body | FINRA |
| Prerequisites | Sponsorship and SIE Exam |
| Exam Cost | $60 |
| Passing Score | 68% |
| Number of Questions | 50 (+5 unscored) |
Section 2: Exam Format & Style
What is the format of the exam?
The Series 99 is a multiple-choice exam. It consists of 50 scored questions and an additional 5 unscored “pre-test” questions. These pre-test questions are randomly distributed throughout the exam and are used by FINRA to evaluate the difficulty of new questions for future versions. You will not know which questions are unscored, so it is vital to treat every question with equal importance.
How long is the exam duration?
Candidates are given 90 minutes (1 hour and 30 minutes) to complete the exam. Given the 55 total questions, this allows for approximately 1.6 minutes per question, which is generally sufficient for most candidates to read, analyze, and answer without feeling overly rushed.
Is it open-book or closed-book?
The exam is strictly closed-book. You are not permitted to bring any notes, books, or external aids into the testing room. Testing centers provide electronic scratchpads or physical whiteboards and markers, which must be returned at the end of the session.
Is it computer-based or paper-based?
The Series 99 is a computer-based test (CBT). It is administered at Prometric testing centers across the United States. The interface is user-friendly, allowing you to flag questions for review and return to them before submitting the final exam.
How is the exam scored? Is there negative marking?
Your score is based solely on the number of correct answers. There is no negative marking or penalty for incorrect guesses. Therefore, you should never leave a question blank; if you are unsure, eliminate the obviously wrong choices and make your best guess.
Section 3: Difficulty & Passing Rates
How difficult is the exam?
The Series 99 is often described as a “moderate” difficulty exam. While it is not as mathematically intense as the Series 7 or as legally dense as the Series 24, it requires a precise understanding of operational workflows and regulatory deadlines. The challenge lies in the specificity of the rules—knowing exactly how many days a firm has to report a specific transaction or the nuances of anti-money laundering (AML) requirements.
What is the historical passing rate?
FINRA does not publicly release official passing rates for its exams. However, industry estimates suggest a passing rate of approximately 70% to 80% for first-time takers. Candidates who have already passed the SIE often find the Series 99 more manageable because they have already built a foundational knowledge of the industry.
What is the passing score/cut-off mark?
To pass the Series 99, you must achieve a score of 68%. This means you need to answer at least 34 out of the 50 scored questions correctly.
Which sections do candidates struggle with the most?
Most candidates find the section on “Broker-Dealer Operations and Related Financial Management” to be the most difficult. This area covers technical topics such as the Net Capital Rule, customer protection rules, and the mechanics of clearing and settlement. These topics often involve specific timelines and regulatory codes that require diligent memorization.
| Content Area | Percentage of Exam | Number of Questions |
|---|---|---|
| Knowledge Associated with the Product and Recordkeeping | 30% | 15 |
| Broker-Dealer Operations and Related Financial Management | 70% | 35 |
Section 4: Preparation Strategy
How many hours of study are recommended?
For most candidates, 30 to 50 hours of dedicated study time is sufficient to pass the Series 99. If you are already working in an operations role, you may find that much of the material is familiar, which can reduce your study time. However, it is essential not to rely solely on “on-the-job” knowledge, as the exam tests specific regulatory requirements that may differ from your firm’s internal procedures.
Can you self-study or do you need a prep course?
Self-study is entirely possible for the Series 99, especially given the availability of high-quality textbooks and online resources. However, many candidates benefit from a structured prep course that includes a bank of practice questions. Many candidates who’ve used Fraser Exam resources report feeling more confident on exam day because they have practiced with questions that mirror the actual exam’s style and difficulty.
What are the best study resources?
The most effective resources include a comprehensive study manual, an online test bank (Q-Bank), and flashcards for memorizing key dates and rules. We recommend taking at least 5-10 full-length practice exams to build your testing stamina and identify weak areas. You can find official content outlines on the official FINRA Series 99 page.
How far in advance should you schedule?
You should aim to schedule your exam 3 to 4 weeks in advance. This gives you a clear deadline to work toward while ensuring you can secure a seat at your preferred testing center. It is generally best to take the exam within a week of completing your primary study phase while the information is still fresh in your mind.
| Timeline | Study Focus |
|---|---|
| Weeks 1-2 | Read the manual and take notes on key concepts. |
| Week 3 | Focus on practice questions and memorizing rules/dates. |
| Week 4 | Take full-length simulated exams and review weak areas. |
| Exam Day | Quick review of “cheat sheet” facts and calm mindset. |
Section 5: Career & ROI
What job roles can you apply for after passing?
The Series 99 is designed for “Operations Professionals.” Common job titles for those holding this registration include:
- Operations Manager
- Settlement Officer
- Trade Support Specialist
- Financial Controller (within a broker-dealer)
- Client Onboarding Manager
- Compliance Officer (Operations focus)
What is the average salary increase?
While the certification itself may not lead to an immediate, guaranteed raise, it is a prerequisite for many senior-level and management positions in operations. Professionals in these roles typically earn between $75,000 and $130,000 annually, depending on their location and the size of the firm. Holding the Series 99 increases your marketability and job security within the industry.
Does the certification expire? Renewal requirements?
Your Series 99 registration remains valid as long as you are employed by a FINRA-member firm. If you leave the industry, your registration will expire after two years. To maintain the registration, you must also complete Regulatory Element Continuing Education (CE) annually. This is an online training module provided by FINRA to keep you updated on new rules and regulations.
Is it recognized by top employers?
Yes, the Series 99 is the industry standard for operations professionals. Top-tier investment banks, hedge funds, and retail broker-dealers all require this registration for their back-office leadership. It demonstrates a level of regulatory competence that is essential for mitigating operational risk.
Section 6: Exam Day Logistics
What identification do you need?
You must bring a current, government-issued photo ID with a signature (such as a driver’s license or passport). The name on your ID must exactly match the name on your exam registration. If there is a discrepancy, you may be turned away from the testing center.
Are calculators or scratch paper allowed?
You are not allowed to bring your own calculator. The testing center will provide a basic four-function calculator, either as a physical device or a software-based tool on the computer. As mentioned earlier, scratch paper or a whiteboard will also be provided by the center.
When will you receive results?
One of the benefits of the computer-based format is that you will receive your results immediately after finishing the exam. You will see a “Pass” or “Fail” screen, and the proctor will provide you with a printed score report before you leave the building.
What happens if you fail?
If you do not pass, don’t be discouraged. Use the score report to identify which sections you struggled with. You can schedule a retake through Prometric after the 30-day waiting period has passed. Use this time to double down on your weakest areas using practice questions.
Comprehensive FAQ Section
1. Is online/remote proctoring available for this exam?
Yes, FINRA offers online proctoring for the Series 99 exam through Prometric’s ProProctor platform. This allows you to take the exam from home, provided you meet specific technical and environmental requirements, such as a stable internet connection and a private room.
2. How do I schedule my exam date?
Once your firm has filed your Form U4 and paid the fees, you will have a 120-day “enrollment window.” During this time, you can schedule your exam online through the Prometric website or by calling their registration center.
3. What is the cancellation or rescheduling policy?
You can reschedule or cancel your exam, but fees apply if you do so close to the test date. Generally, there is no fee if you change your appointment more than 10 business days in advance. Fees are charged for changes made within 3 to 10 business days, and the full fee may be forfeited if you cancel within 2 business days.
4. Is there an expiration date on my enrollment?
Yes, the enrollment window is typically 120 days. If you do not take the exam within this period, the enrollment expires, and your firm will need to pay the exam fee again to open a new window.
5. Am I allowed to bring a calculator?
No, personal calculators are strictly prohibited. You will be provided with one by the testing center to ensure no unauthorized information is stored on the device.
6. Are bathroom breaks allowed during the exam?
Yes, you can take unscheduled bathroom breaks. However, the exam timer does not stop during your break. You will also be subject to security re-screening (such as a metal detector scan) before re-entering the testing room.
7. What items are strictly prohibited in the testing room?
Prohibited items include cell phones, smartwatches, hats, large jewelry, bags, and any form of study material. Most centers provide lockers where you can store your personal belongings during the test.
8. How early should I arrive at the testing center?
You should arrive at least 30 minutes before your scheduled appointment. This allows time for the check-in process, which includes ID verification, image capture, and a security briefing.
9. Does the exam change every year?
FINRA updates the exam questions regularly to reflect changes in rules and regulations. While the core content areas remain relatively stable, it is vital to use the most up-to-date study materials to ensure you are learning the current rules.
10. Are the questions multiple choice or essay based?
The Series 99 is 100% multiple-choice. There are no essay questions or “fill-in-the-blank” sections.
11. Will I receive a breakdown of my score?
If you pass, you will only be told that you passed; you will not receive a numerical score. If you fail, you will receive a detailed breakdown showing your performance in each major section, which is invaluable for your next study attempt.
12. Are accommodations available for candidates with disabilities?
Yes, FINRA provides reasonable accommodations for candidates with documented disabilities. You must submit an accommodation request form and receive approval before scheduling your exam.
13. Is the exam available in languages other than English?
The Series 99 is currently only offered in English. Candidates for whom English is a second language may be eligible for additional testing time (LEP accommodation).
14. Can I use scratch paper or a whiteboard?
The testing center will provide you with either a dry-erase whiteboard or green scratch paper. You are not allowed to bring your own paper into the room.
15. If I fail, how soon can I retake the exam?
You must wait 30 days after your first and second attempts. After a third failure, the waiting period increases to 180 days.
Conclusion
The Series 99 is a vital credential for anyone looking to build a serious career in financial operations. While the 50-question format may seem brief, the exam covers a wide range of technical and regulatory knowledge that is essential for the smooth functioning of the securities industry. By understanding the format, focusing on the key content areas, and utilizing a disciplined study plan, you can approach exam day with confidence.
Success on the Series 99 is not just about passing a test; it is about demonstrating your commitment to professional excellence and regulatory compliance. Fraser Exam offers comprehensive study materials tailored for this exam, helping you bridge the gap between theory and practice. With the right preparation and a focused mindset, you will be well on your way to becoming a certified Operations Professional and opening new doors in your financial career.